Despite all the controversy and challenges involved, many small businesses are beginning to embrace the use of cryptocurrencies such as Bitcoin. According to study, the main reason is that using the latest in technology makes it possible for a business to stand out from its competition. Whether or not your business begins utilizes cryptocurrencies depends entirely on the particular needs of your business. For the most part, using cryptocurrencies can provide a significant advantage for business owners.
In the past, U.S. merchants had to pay $78 billion in credit and debit card processing fees. Because cryptocurrencies are decentralized, a bank does not verify each individual transaction, which in turn eliminates those pesky transaction fees, each costing 2% to 5% per instance. Which means it costs next to nothing for your client to send money to you. The business owner doesn’t have to pay a third party financial institution.
Seventeen percent of shopping cart abandonment is due to payment security concerns. With cryptocurrency transactions, the user can be fully anonymous, with no need to share personal information when making a purchase. This also protects against counterfeiting and identity theft, because there’s no number for a hacker to steal.
While waiting for funds from your bank can be frustrating, it can also negatively affect your cash flow. With cryptocurrencies, this isn’t the case. In most instances, the transactions occur in real time because there aren’t multiple banks causing the transaction to slow. Funds are typically available within a matter of minutes, whereas with most banks, it would take a matter of hours or even days.